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Updated on September 28th, 2021
A Wisconsin rent-to-own agreement is a contract used to rent real estate to a tenant who is granted the option of purchasing the property before the contract expires. With this rental arrangement, the tenant pays a non-refundable fee directly to the owner to secure the tenant’s buying rights. If the tenant decides to buy, the purchase offer must be submitted during the designated option term. Tenants that fail to purchase within this time frame may lose their option fee and all other funds contributed at the time.
Rental Laws – Chapter 704 (Landlord and Tenant)
Purchase Agreement Laws – Chapter 706 (Conveyances of Real Property; Recording; Titles)
Disclosures (5) |
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If there are building code violations that pose a risk to the tenant’s well-being and safety, they must be disclosed before the tenant enters a lease agreement or pays a security deposit.
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Before submitting a security deposit, tenants must be notified of their right to assess the condition of a dwelling and receive a report of the previous tenant’s security deposit deductions.
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3) Landlord and Agent Identification Landlords must convey to the tenant the name and mailing address of the property manager, and that of the owner or agent thereof authorized to accept service of processes and receive notices and demands.
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4) Lead-Based Paint Disclosure This toxic paint disclosure must be included in lease agreements for property constructed before 1978.
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Before accepting a security deposit, landlords must indicate whether utility charges are included in the monthly rent and detail the system used to allocate individual utility charges if the property has multiple units that are metered together.
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